Travel Insurace Policy

What Must be Covered in Your Travel Insurance Policy?

COVID-19 certainly brought tragedies for many Indians; however, it also managed to highlight insurance’s importance. Starting from Health insurance whose relevance cannot be downplayed, as the nation of 135 billion moves towards the post-pandemic normal, we could now see a similar focus on Travel insurance.

Travel insurance has never been the most frequently discussed coverage, especially compared to the more popular Car, Bike or Health insurance policies. The market accounted for less than 1% of the worldwide industry, even though 35% of households took trips, within or outside our geographical boundaries.

We could blame it on lack of awareness, the perceived gap between cost and benefits, or the fact that it was earlier mandatory only for travelling to 34 countries.  

Evolving Requirements

“Getting insured while travelling may not have been the top priority for a reasonably large section of the population. In 2021, it’s no longer a matter of choice.”

  • Year-long restrictions led to the deferment of foreign trips, and as countries open their borders, the travel is about to begin as usual.
  • The virus may be slowing down in multiple regions, yet, despite accelerated vaccine developments, the risk of infection still exists.
  • A growing number of countries are making Travel insurance compulsory along with their visa application forms.
  • You could be stuck in host countries because of rising cases or sudden lockdowns and bear their high medical treatment costs.
  • Mediclaim policies are often insufficient as they may not take care of accidents and injuries’ expenses incurred offshore.
  • Airlines’ operational efficiencies could be affected due to inactiveness for months, translating into less-than-desirable service standards and incidents such as baggage losses.

Travel insurance’s advantages were never in question even before the ongoing global crisis. It was rightfully considered the go-to approach for safeguarding against common travel annoyances and disruptions like flight delays, missed connecting-flights, loss of documents, misplaced items of baggage, illnesses and other unforeseen mishaps.

“The current once-in-a-lifetime health emergency has made situations more unpredictable and magnified the need for Travel insurance.”

What Coverages Make an Excellent Travel Insurance Policy?

  • Coverage for Most Destinations and Natural Disasters to stay secure wherever you travel.
  • Lost Passport, Personal Belongings & Documents: The makeshift passport arrangement charges are often too high. The ideal Travel policy should cover the costs involved.
  • Baggage Delay & Losses: Reimbursement for checked-in baggage delayed for more than a pre-defined period, permanently lost, stolen, misdirected or not delivered to you.
  • Comprehensive Travel Insurance for Medical Assistance on foreign land in case of injuries/damages caused by accidents and addressing Covid-19-related hospitalisation costs.
  • Coverage for Medical Expenses in Life-threatening circumstances resulting from pre-existing conditions.
  • Medical Evacuation To the Nearest Well-equipped Facility and if needed, to your home country through medically-equipped flights.
  • Accidental Death & Repatriation of Mortal Remains to your country and family. Compensation for transportation charges or burial where the death occurred.
  • Cancellation of Flight & Trip Delays: To receive a refund when you cannot travel, have to cancel the ticket at the last minute or the trip gets delayed due to genuine verifiable issues.
  • Other Useful Coverages: Assistance Services, vaccinations, currency exchanges, Hospital Cash, Unavoidable Dental Treatments, Contingency Travel Benefits, and Hijack Distress Allowance.

Deciding the Best-fitted Travel insurance policy relies upon the type-purpose of your travel and accompanying members.

One May Opt for a Single Trip, Annual Multi-Trip, Leisure Trip, Student Trip, Senior-citizen Trip, Asia Trip, Schengen Travel or Worldwide Overseas Travel insurance plan.

As 5 crore+ Indians are likely to travel abroad by 2022, the coronavirus-scarred ecosystem and new risk-dynamics will understandably demand specific precautions and safety measures.

The Renewed Urgency is expected to result in a six-fold surge in demand for Travel policies. Hopefully, it should educate more people about their indispensability, not merely for themselves, but also their loved ones.

Carefully comparing and selecting suitable Travel insurance is the first step in the right direction.

Explore’s single or multi-trip international travel policies from top insurance providers, get a free quote, and finalise the appropriate one before your next travel.

Sources: IRDAI, Travel Trends Today, IBEF, Statista, Business Today, TechSci Research, Financial Express, Economic Times, ITIJ, India Times, Times of India, The Hindu Business Line, Live Mint, Wikipedia, YouTube and other information channels.

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